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Arch Coal Bankruptcy Objections Filed

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Multiple parties – including the U.S. Trustee assigned to the Arch Coal case, Union Pacific Railroad Company and Kentucky Utilities Company – filed with the U.S. Bankruptcy Court separate objections to Arch Coal’s Third Amended Joint Plan of Reorganization.

The Trustee asserts, “The Plan should not be confirmed for two reasons. First, the Plan unlawfully extends exculpation coverage to non-estate fiduciaries. Second, the Plan provides for the payment of attorney fees for indenture trustees of unsecured debt. The Code does not allow for the fees to be paid as administrative expenses as proposed in the Plan. The legal authority for such payment, the priority of such payment, and the amount of the fees to be paid should be clearly stated in the Plan.”

Read more Arch Coal bankruptcy news.

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